SingTel, Singapore’s largest mobile operator, has unveiled what it terms “a unique, patent-pending technology” that enables users to transfer cash to another phone by swiping between devices.
The operator offered scant details about the mysterious technology behind its new Dash service, which is launched with Standard Chartered Bank. For instance, it makes no mention of NFC, which performs similar functions for both P2P and point-of-sale transactions.
The Dash website does have a note for users that the service requires “high-accuracy GPS” for swiping money to friends, as well as finding local businesses nearby.
When it comes to the actual payments, users literally swipe a sum from their smartphone’s screen onto their friend’s device.
SingTel’s new service will also be available for payments at more than 20,000 acceptance points around the island, such as shops, food courts and cafes, as well as public transport and taxis. Again the service uses “a patent-pending technology” to integrate the mobile device with the merchants’ point-of-sale systems.
The new service will be available as an app for Apple and Android smartphones.
Dash users, who do not have to be SingTel subscribers, are equipped with a saving account from which they transfer funds to a mobile cash account. This account is then used to make P2P transactions.
Users of the service can also take out personal loans for which they apply using their mobile phones. And there is also a customisable travel insurance plan that enables users to choose between a variety of coverage options.